Marc Ganzi: It’s infrastructure, right? I mean you go back to DigitalBridge Partners Strategy 1 and Strategy 2, I’d say strategy 1, Jade, 25% of the capital was coming from real estate buckets. You pivot to Strategy 2, $8.3 billion, about 10% of that capital came from real estate allocators. And as we look forward and think about what we’re doing with the new strategy, I think it’s pretty much all infra at this point. I don’t think real estate investors are looking at our series of fund products as real estate. I think it’s — the conversations we have, Jade are with the head of infrastructure, the CIOs of real assets, I mean, our connectivity with investors now is pretty strong. And I think what we found is that our home for our capital is infrastructure, unless, of course, we’re out raising money for credit, we’re out raising money for our venture growth strategy or liquid securities products.
Those are different — those are obviously different conversations. But in our core DigitalBridge Partners flagship strategy, it’s real assets and underneath that, it’s infra.
Jade Rahmani: So does that create an opportunity to broaden the focus to overall infrastructure, there could be synergies and fundraising with respect to all the LPs you’re talking to? Or do you think that’s more of a risk to dilute your focus?
Marc Ganzi: No, I think — look, we obviously are very skilled at fundraising. We’ve almost tripled the size of our fundraising team. I mentioned on the call, we did invest a lot in SG&A last year because we’re building a growth engine, Jade to get to $150 billion of assets under management. I’m guiding to $275 million to $290 million of FRE in 2025. And the way we get there is by fundraising. And the way we get there is building scale in our credit product, building scale in our core product. Certainly, InfraBridge is a big part of our growth strategy as well. We like the Digital plus strategy. We like what we’re doing there. Certainly, like the team we have in place there in terms of digital logistics and renewable energy.
There’s a lot of room for us to grow there. We picked up 5 world-class fundraisers from InfraBridge, bringing our total team to 17 people globally, and they’ve got a bunch of logos that we didn’t have, and we’ve got a bunch of logos they didn’t have. So the synergies in the InfraBridge deal are yet to be entirely apparent to the street, Jade. But I can tell you, we’re fully integrated day 1, Jacky Wu and Ben Jenkins and Liam did a great job integrating that team into our operations. So the day we closed, everybody was on the same page for fundraising asset management and back office and accounting. And so we’re hitting the ground running on InfraBridge. It took a little longer than we would have liked to have closed the transaction, but it really just gave Jacky more time to integrate the back office side and it gave Liam and Ben more time to integrate the Investment Management team.
So clearly, strong synergies in fundraising now, a much bigger team. A lot of interest in what we’re doing, not just in DigitalBridge Partners in our flagship strategy, but also some of the other co-investment vehicles and other strategies that we have going on right now. We’re — we think we’re in the right place. We’ve got the right dialogue going and now it’s just time to close some capital, which I think we will, just albeit at slightly smaller check sizes this year.
Jade Rahmani: And just the last question on the overall environment. Does rationalization that’s playing out in the tech sector more broadly, create any flow-through impacts to the underlying businesses. Will that slow the growth rate and have any impact on LP appetite to invest in this space?
